People who walk away from their homes are usually suffering
from same situation. It starts when they buy a home right at the time when
market is up, whereas now they are severely underwater. In this gruesome
situation, they have a house that was perfect when they bought it. Now it is
not selling whereas they want to relocate. This overall situation is termed as
"Strategic Default" by Dean Graziosi, the real
estate guru.
In most cases of strategic default, often-lifelong savings
are on stake. There is a single parent woman who has just $15,000 in her
account and who has to pay a debt of $10,000+. Then there is a man who has his
entire retirement plan on stake. In such conditions, Dean suggests some very
valuable tricks on how to overcome the strategic debt.
Dean Graziosi is a successful entrepreneur and real estate
giant. He has made his life extravagant and successful by conducting extra
ordinary deals in real estate. He admits that although he had suffered failure
in his beginning years, he is keen to teach today's novice, skills that he has
learned in 20 years. Many individuals have made and are still making their
careers in real estate by following path of Dean Graziosi.
Dean Graziosi has been teaching people skills to avoid
reaching such a situation when you have to face strategic default. The reasons
why you must avoid this situation are so many. Hence, it is highly advised to
avoid such situation if possible. Following are some of the exceptions on why
you should not walk away from your house.
- Number one reason is that you have signed a contract with the lender. This means that legally you are bound to follow all of the clauses of contract that you had signed. Suppose if you failed to pay the mortgage, the lender has the authority to take away house and sue you.
- In most of the states, the authorities will favor the lender. They will charge you with a compensation fee as well as you have to pay say debt of 10 years.
- Some people also term "Strategic Default" as "Ruthless Default", the reason is that they think the contract that you signed with the lender is an obligation towards you. Now that the deal has not worked out with you, you cannot simply leave everything in the midst.
- Foreclosure leaves a big question mark on the career of the defaulter. Once you walked away from your home and the house is gone through a foreclosure, it will take at least a good ten years for the lending companies to consider the defaulter for another mortgage deal.
What if Things Go Out
of Control?
Certainly, no one has walked in the shoe of the one who is
thinking of walking away from his deal. There are desperate circumstances in
which there is no choice then to leave an upside down house. Mostly people who
lose their job or are struck by a sudden emergency chose to go for a foreclosure.
The financial crises are hard to avoid. In these situations there is no other
choice left then to go for foreclosure.
However, most experts urge people to fight in the situation.
There is always hope. Fight as hard as you can and try to keep your house and
your virtue.
Get More Information
>>>
Facebook Page
>>>
